Not only is divorce draining emotionally, but it can significantly affect one’s finances. Money, property, possessions, and debt will be divided between spouses. Divorcing spouses can expect to lower their standard of living after a divorce, and some spouses may be affected more so than others. Divorce affects both the spouses, as well as the children financially in different ways.
Here are some ways that divorce affects you financially.
How does divorce affect men?
Most men will experience a drop in their standard of living. Child support, legal fees and other divorce-related fees add up and can be expensive. Men who provide less than 80% of the family income will suffer the most. The men who provide more than 80% of the family income will suffer the least. Fathers who have custody of children will incur additional expenses. Men who pay child support have their income ‘garnished’, meaning that a sum of it goes directly towards child support payments.
How does divorce affect women?
In general, women will suffer more in a divorce than men. Financially, the struggle is hardest during the first year of divorce. This is mostly dependent on how much the woman made towards the family income and the willingness of the husband to provide child support payments. It is fairly common, however, for mothers to not receive their full child support payments, with 3 out of 4 mothers reporting this. It is common for women to seek public assistance programs to support their family finances in the event of a divorce.
Divorce can be a long and arduous process and one that can significantly affect both parties financially. It is important to be certain that divorce is necessary, as the financial damage and effects it can have are significant.